Targeting a Market

After having ideas of the topics you like pursue, its time to find out whether there’s a target market of that business idea. To find it out, we need to use some tools and techniques to help us assess demand, supply (its level of competitiveness) and its profit potential. The tools that we can use will be discussed in my next blog post. Now let’s start with some of the techniques in targeting a market, let’s do market assessment.

In market assessment, we identify key products and markets of most interest to the client, we deep dive the value chain at multiple levels to probe customers, competitors, suppliers, government authorities and other specifies, we will also characterize the market in terms of size, growth potential, competitive intensity and ability of client to win and then finally we will verify and test on how effective the market strategy would be if catered to the selected market.

What's Your Passion?

Creating a business idea would be easier if we will first determine what the things that we are most attached to or what things do interests us most. It is also vital to know on how much understanding we have on the things that interests us most. Sometimes, we may be passionate for a certain idea but we have too little knowledge about it. That is why deep understanding and practical skills are needed in really knowing what we are interested to.

In our Entrepreneurship 102 course, there are effective ways in determining the top business passion of all the business ideas we have been thinking of. First step is the Macro Screening Process and the Micro Screening Process.

In the Macro Screening Process, we mean looking at the social, technological, economic, environmental and political aspects of the business environment. It is a need for us to acknowledge these areas because primarily, business environment affect all types of enterprises.

  

We scan the business environment by looking closely to the market. We do supply and demand analysis. Check the import-export movement by evaluating its trends. We observe product substitution if how fast the market replaces an existing product from a new one. We study the forward-backward industry linkage in which we can participate in through a link up. We look up people’s skills and we look at available business assistance programs offered or try visiting the Department of Trade (DTI).

Moreover we can now move on to the Micro Screening Process, we mean screening business ideas through tailoring a business suitable to your situation. We will now do the personal level screening. And this includes your personal preference, educational background, work experience, your network business contacts and the support of your family.

In this stage, it is more effective to write down your top 20 business ideas, then cut it down to 10, then into 5 and finally into the final 3 business ideas. It is well chosen in accordance to the micro-screening aspects that you naturally set upon. From the top 3 business idea, there you will finally chose the top business idea. It may take some of your time but it is 100 % effective. It is chosen objectively. I hope you’ll find your passion. Good Luck!

5 WAYS TO ASSESS NEW PRODUCT OR SERVICE

In establishing a productive website, there are some important aspects to consider. We should always remember to put more emphasis on substance in our sites than just merely put even unrelated affiliate ads on it. Again, we should always remember to satisfy our target market in their needs and wants for us to survive in the global business arena. And these are some concerns pointed out from R. Gardner's book of “The supper affiliate handbook”...

Is the product or service relevant to your site or page?

Added services on your site or add-on banners and ads should be carefully evaluated. In here, we don just easily allow unrelated affiliates on our site/ page. It might become distractions to your customers focus on your page. However, there are also some helpful and related added services that could deepen the understanding of your customer to your site. For example, your site is a Glam make-over site in that case it is profitable to have ads or banners on some famous beauty products.

Is the company's site attractive and functional?

As they say, “First impression always lasts.” In putting up a site, we should always make sure that our site's/store image will reflect what we are selling. Moreover, we should always keep up with it's appearance and substance. Make sure to have user-friendly program as well as complete links attached. Impress your site visitors! - It might be your lucky day!

Does the program offer great products and or services at reasonable prices?

More than anything else, our target point as entrepreneurs is to understand our customers perception in our product value towards our product. Price/pricing will be the second concern next to product value. Why? Because not unless we entrepreneurs learn to persuade our customers about our product's value, they can never realize it's worth. In persuading itself, we( entrepreneurs) should be first persuaded with our own product before we can persuade others.

Have you bought and tested the product?

Before becoming an affiliate marketer of this certain product, we should also first experience using the product so that we can speak what its like when using it. By doing so, we can even differentiate and promote effectively the product when face with it's competitive products. How can we promote a product in a first place if we don't even know what it is?

Does the company provide excellent customer service?

This is essential. I occasionally get email from affiliate program customers because the company is not responding to them. Unfortunately, there is usually very little I can do, except use the contact number or email address given only to affiliates, and pass the request along. If you are successful in getting their concerns resolved, Bravo! That reflects well on you. Once you are confident that you've found an excellent product or service, you need to confirm that the affiliate program is also excellent.